- SOL’s price has risen more than 146% over the last month.
- The 9,20 and 50 EMA lines for SOL signal a continuation of the bullish trend.
- Twitter analyst believes that SOL’s price will decline in the coming week.
The price of Solana (SOL) has attempted a comeback in the last month, rising more than 146% over the last 30 days according to CoinMarketCap. This comes after it plummeted from an all-time high (ATH) of $259.90 to a low of $8.00.
At press time, the price of the recovering Ethereum-killer project has dropped 2.37% to now trade at $24.60. In addition, SOL has weakened against BTC and ETH by 1.52% and 2.64% respectively.
Looking at SOL’s daily chart, its price was able to break above the resistance at $18.80, subsequently flipping the level into support. Thereafter, SOL’s price made a move towards the resistance level of $23.90 where it faced overwhelming sell pressure – causing its price to drop down to the support at $20.82.
SOL’s price then bounced off of the support level to enter into its latest rally which resulted in the altcoin’s price breaking through the resistance at $23.90.
The daily chart for SOL still looks bullish from a technical indicator perspective, with the 9-day EMA line positioned above the 20-day EMA line, and the 20-day EMA line positioned above the 50-day EMA line.
The crypto Twitter user, Bluntz (@SmartContracter), tweeted a somewhat bearish outlook for SOL. In a tweet made today, the analyst stated that he is “expecting a deeper decline” for SOL’s price for the rest of the week.
Bluntz did, however, say that SOL’s price can probably squeeze another 10% upward move before the decline occurs.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Post Views: 18
Source: https://coinedition.com/crypto-analyst-believes-that-sols-price-will-decline-this-week/